The bill amends Chapter 39-18 of the General Laws related to the Rhode Island Public Transit Authority (RIPTA), introducing new definitions, including the "Dorrance Street Transit Center Project," and expanding the authority's purpose to include facilitating transit-oriented development. It allows RIPTA to issue bonds and temporary notes with extended maturity periods of up to 40 years for transit projects, and to renew temporary notes in anticipation of federal, state, or local grants or aid. The bill extends the authority's powers and duties to apply to transit-oriented development and makes technical changes such as renumbering existing definitions.

Furthermore, the bill sets conditions for the issuance of bonds and other obligations, requiring a detailed certificate from RIPTA's general manager or chief financial officer to be provided to the governor, outlining the project scope, financial calculations, and revenue expectations. It stipulates that bond payments must not exceed 80% of the authority's revenues in any fiscal year and requires the governor's approval for issuances that would result in payments exceeding 50% of revenues. The bill also adds new sections to Chapter 39-18 to define terms related to public-private partnerships (P3) and design-build contracting, authorizing RIPTA to engage in P3 and utilize design-build methods for project delivery. It outlines the processes for proposal selection, prequalification of private entities, and the confidentiality of certain information, with the act taking effect upon passage and applying to contracts entered into after this date.